Maximum Nonusurious Rate definition

Maximum Nonusurious Rate means the indicated rate ceiling from time to time in effect as defined by Article 5069-1.04, Vernon's Annotated Civil Statutes, as amended.
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Examples of Maximum Nonusurious Rate in a sentence

  • Any Interest contracted for, charged or received in excess of the Maximum Nonusurious Rate allowed by Applicable Law shall be deemed a result of a mathematical error and a mistake.

  • It is expressly provided and stipulated that notwithstanding any provision of this Note or any other instrument evidencing or securing the indebtedness evidenced hereby, in no event shall the aggregate of all interest paid by the Company to the Payee hereunder ever exceed the Maximum Nonusurious Rate of interest which may lawfully be charged the Company under the laws of the State of Texas or the United States Federal Government, as applicable, on the principal balance of this Note remaining unpaid.

  • In connection with Article 5069-1.04, Vernon's Annotated Civil Statutes, as amended, the Company hereby agre▇▇ ▇▇▇t the "Maximum Nonusurious Rate of interest" which may be charged as herein contemplated shall be the indicated rate ceiling from time to time in effect as defined by said article, as amended, provided that Payee may also rely on any alternative Maximum Nonusurious Rate of int▇▇▇▇▇ provided by other applicable laws if such other rates are higher than that allowed by said Article, as amended.

  • Nothing in this Agreement, the Note or any document securing, evidencing or relating to the Note shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Nonusurious Rate.

  • Notwithstanding any provision in this Deed of Trust to the contrary, it is expressly provided that in no case or event should the aggregate amounts, which by applicable law are deemed to be interest with respect to this Deed of Trust, the Note or any other Loan Document securing, evidencing or relating to the Note ever exceed the "Maximum Nonusurious Rate" (as defined in the Note).

  • Nothing in this Deed of Trust, the Note or any other Loan Document securing, evidencing or relating to the Note shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Nonusurious Rate.

  • If the Maximum Nonusurious Rate is increased or removed by statute or other governmental action subsequent to the date of the Note, then the new Maximum Nonusurious Rate, if any, will be applicable to the Note from the effective date of the new Maximum Nonusurious Rate, unless such application is precluded by the statute or governmental action or by the general law of the jurisdiction governing the Note.

  • All sums expended by Noteholder for such purpose shall constitute disbursements pursuant hereto for Maker’s account and shall be secured by the Security Instrument and other Loan Documents and shall forthwith be due and payable by Maker to Noteholder with interest thereon at seventeen percent (17%) per annum not to exceed the Maximum Nonusurious Rate (as defined below).

Related to Maximum Nonusurious Rate

  • Maximum Lawful Rate has the meaning set forth in Section 2.7.

  • Excess Rate With respect to each ARD Loan, the excess of (i) the applicable Revised Rate over (ii) the applicable Mortgage Rate, each as set forth in the Mortgage Loan Schedule.

  • Highest Lawful Rate means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted for, charged, or received under the laws applicable to any Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws now allow.

  • Maximum Legal Rate means the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan.

  • Maximum Net Mortgage Rate With respect to any adjustable rate Mortgage Loan and any date of determination, the Maximum Mortgage Rate minus the sum of (i) the Subservicing Fee Rate and (ii) the Servicing Fee Rate. MERS: Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto.